CANBERRA: Chicago corn futures edged higher on Friday but were still set for a weekly loss of more than 5%, their ‍steepest drop since ‍July, after upward revisions to production estimates underscored abundant global supply.

Wheat and soybean ​futures also nudged higher, though ample supply capped gains, leaving both contracts on track for modest weekly losses.

 

FUNDAMENTALS

* ⁠The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.2% at $4.21 a bushel, as ⁠of 0133 GMT, ‌but down 5.6% from last Friday's close.

* CBOT soybeans climbed 0.3% to $10.55-3/4 a bushel but were down 0.6% over the week, while wheat gained 0.2% to $5.11-3/4 ⁠a bushel and was headed for a 1.1% weekly fall.

* Corn prices tumbled 5.4% on Monday after the U.S. Department of Agriculture (USDA) lifted its estimates for U.S. production and inventories more than analysts had expected.

* The International Grains Council highlighted expectations of plentiful supply on ⁠Thursday, raising its 2025/26 global ​corn production estimate by 15 million metric tons to 1.313 billion tons while also increasing its assessment of worldwide wheat output.

* A ‍meteorologist said on Thursday that limited rainfall in Argentina, the third-biggest corn exporter, could damage its crop, but the country ​is still forecast to break production records.

* In soybeans, prices have been supported by strong U.S. domestic demand and a jump in CBOT soyoil prices, which rose 4.4% on Thursday and were up another 0.5% on Friday after Reuters reported that the U.S. government plans to finalise 2026 biofuel blending quotas by early March.

* The U.S. National Oilseed Processors Association said its members crushed the second-largest monthly amount of soybeans on record in December, beating analyst expectations.

* However, plentiful supply still weighs on prices. Crop agency Conab on Thursday projected record Brazilian soybean output of 176.12 million tons ⁠in the 2025/26 marketing year, and consultants Agroconsult said the ‌crop would be an even bigger 182.2 million tons.

MARKETS NEWS

* Winning results from chipmaker TSMC and major banks bounced Wall Street higher after two days of losses on Tuesday, while gold fell from ‌recent highs ⁠as U.S. jobless data boosted the dollar and President Donald Trump moderated his message about a deadly crackdown ⁠on protests in Iran. (Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips)